Gem Diamonds has unearthed a 145.55-carat rough diamond from its Letšeng mine in Lesotho, marking the ninth stone over 100 carats discovered this year. The company announced the find on Wednesday, noting it was a high-quality, type II diamond found on August 3.
Earlier this year, Gem Diamonds also discovered notable rough diamonds, including a 123.20-carat and a 172.06-carat stone in June, and a 212.49-carat diamond in May. Additional significant finds included two type IIa diamonds weighing 169.15 carats and 118.74 carats in April, and a 295-carat type IIa white diamond in January.
These discoveries come after a period where Gem Diamonds observed a decline in the number of diamonds exceeding 100 carats in previous years. In 2023 and 2022, the company found only four such diamonds each year, compared to six in 2021. However, with nine discoveries already in 2024, Gem Diamonds is on track to match or exceed the 16 stones over 100 carats recovered in 2020.
In its financial report for May, Gem Diamonds reported a 17% year-on-year revenue increase to $43 million for the first quarter. This growth was attributed to rising demand for rough diamonds and a higher proportion of large stones available for sale. The company is set to release its second-quarter results next week.
